Trinidad and Tobago is once again trying to bring its long-idled one-and-only oil refinery back to life, but this time the government is talking to Indian Oil Corp about making it happen. The 165,000-barrel-per-day Guaracara refinery sits in southern Trinidad, near the town of Point-a-Pierre, along the Gulf of Paria and within sight of Venezuela’s coast on a clear day. It has been shuttered for years—since 2018 when the previous government pulled the plug, citing mounting losses, runaway upgrade costs, and a balance sheet that had gone…

Trinidad and Tobago is once again trying to bring its long-idled one-and-only oil refinery back to life, but this time the government is talking to Indian Oil Corp about making it happen. The 165,000-barrel-per-day Guaracara refinery sits in southern Trinidad, near the town of Point-a-Pierre, along the Gulf of Paria and within sight of Venezuela’s coast on a clear day. It has been shuttered for years—since 2018 when the previous government pulled the plug, citing mounting losses, runaway upgrade costs, and a balance sheet that had gone…

After U.S. forces snatched Nicolas Maduro in a daring night raid earlier this month, President Donald Trump began pressing oil companies to invest in Venezuela’s heavily corroded petroleum industry. The U.S. president eagerly urged drillers to invest in Venezuela, which sits atop the world’s largest oil reserves, with Washington’s protection. But those overtures received a lukewarm reception from U.S. and European energy companies. ExxonMobil CEO Darren Woods called Venezuela uninvestable provoking Trump’s ire, but some…

The European Union is quietly preparing to take a much bigger swing at Russia’s oil trade. And this time, Brussels is aiming less at price optics and more at enforcement reality. The EU is reportedly weighing whether to scrap its Russian oil price cap altogether and replace it with a blanket ban on maritime services, Bloomberg sources have suggested. This would mean that European firms could no longer provide insurance, shipping, or transport services for Russian oil cargoes at any price. It would close one of the most persistent loopholes…

The European Union is quietly preparing to take a much bigger swing at Russia’s oil trade. And this time, Brussels is aiming less at price optics and more at enforcement reality. The EU is reportedly weighing whether to scrap its Russian oil price cap altogether and replace it with a blanket ban on maritime services, Bloomberg sources have suggested. This would mean that European firms could no longer provide insurance, shipping, or transport services for Russian oil cargoes at any price. It would close one of the most persistent loopholes…

Brazilian independent Brava Energia’s acquisition of Petronas’ 50% non-operating share in the Tartaruga Verde and Espadarte Module III assets in Brazil marks the country’s first major merger and acquisition (M&A) deal of 2026 and follows the trend of local independents consolidating stronger positions in the offshore sector. Upon completion of the $450 million deal, Brava Energia will have the capacity to produce over 100,000 barrels of oil equivalent (boe) per day and could enter the ranks of the country’s top five…

The total number of active drilling rigs for oil and gas in the United States rose by 2 this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US  to 546 this week, down 36 from this same time last year. The number of active oil rigs stayed at 411 during the latest reporting period, according to the data. This is 68 below this same time last year. The number of gas rigs rose by 3, reaching 125, which is 27 more than this time last year. The miscellaneous rig count slipped by 1 and now is…